(All amounts in millions) 2017 2016 2015...
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Accounting
| (All amounts in millions) | |||||||||||
| 2017 | 2016 | 2015 | 2014 | ||||||||
| Raw Material Inventory | 377 | 391 | 427 | 399 | |||||||
| Work in Process Inventory | 0 | 0 | 0 | 0 | |||||||
| Finished Goods Inventory | 525 | 549 | 566 | 617 | |||||||
| Total Inventory | 902 | 940 | 993 | 1,016 | |||||||
| Net sales | 7,890 | 7,961 | 8,082 | ||||||||
| Cost of Goods Sold | 4,831 | 5,181 | 5,300 | ||||||||
| Gross profit | 3,059 | 2,780 | 2,805 | ||||||||
| Gross profit ratio | 38.8 | % | 34.9 | % | 34.4 | % | |||||
Required:
- Calculate the cost of goods manufactured for 2017, 2016, and 2015.
- Calculate the ratio of cost of sales to net sales for 2017, 2016, and 2015.
- Calculate the inventory turnover and day's sales in inventory for 2017, 2016, and 2015.
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